Help-to-buy schemes
Help-to-buy schemes are government initiatives aimed at helping individuals and families purchase their own homes. There are several types of help-to-buy schemes available, each with their own specific features and benefits.
The Help to Buy: ISA is a savings scheme designed to help first-time buyers save for a deposit on a property. The scheme offers a tax-free bonus of up to £3,000 when savers reach the deposit target.
The Lifetime ISA is another savings scheme aimed at helping first-time buyers save for a deposit. This scheme also offers a government bonus of up to £1,000 per year, and can be used to purchase either a first home or as a retirement savings plan.
The Help to Buy: Equity Loan and London Help to Buy: Equity Loan are government-backed loan schemes aimed at helping people purchase a home with just a 5% deposit. The government provides a loan of up to 20% of the value of the property (in London, up to 40%), which is interest-free for the first five years.
The Help to Buy: Mortgage Guarantee is a scheme designed to increase the availability of mortgages for those with smaller deposits. Under the scheme, participating mortgage lenders offer mortgages with a deposit of just 5%. The government provides a guarantee to the lender, which means that in the event of default, the government will repay a portion of the outstanding mortgage balance.
Forces Help to Buy is a scheme designed to help members of the Armed Forces purchase their own homes. The scheme offers an interest-free loan of up to 50% of the purchase price, with a repayment term of up to ten years.
Patrick Wayne Wealth can help you understand the different help-to-buy schemes available and determine which one(s) may be suitable for your specific circumstances and financial goals. Our financial advisors can assist with the application process, as well as provide guidance on budgeting and saving for a deposit, and navigating the mortgage market.
Please note your home may be repossessed if you do not keep up repayments on your mortgage
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